Thailand's Securities and Exchange Commission has issued regulations for crypto custody providers to establish a digital wallet management system to ensure clients safety according to a press release on Tuesday.
The regulations took affect on Monday and offer policy and guidelines for overseeing the management of digital wallets and keys plus procedures for designing digital wallets. The regulation also sets out the need for a contingency plan in case an event occurs that could affect the management system of digital wallets and keys.
Thailand's financial regulator has been clamping down on the crypto industry lately. In September, it banned crypto firms from offering staking and lending services and in the same month the regulator enforced stricter crypto advertising rules and required firms to display clear risk warnings.
Regulators around the word have been toughening up their crypto stance following the collapse of crypto exchange FTX which declared it was bankrupt on Nov. 11.
